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GDC is celebrating its 25th Anniversary, and Iwata's speech is about 25 years of videogames:

Video Games Turn 25: A Historical Perspective and Vision for the Future

For a quarter of a century, the engine of video games has been "must have"—the viral communication of what a gamer simply can't do without. Sometimes it's hardware, sometimes software, sometimes an accessory, but "must have" always describes an experience that can't be missed—the next big thing.

Along the way, innovation has continuously reinvented the game experience in terms of graphics, player control and pure game design. But in the process, part of the magic of those early days of game creation has been lost.

As a leading player during all 25 years of the modern video gaming era, Nintendo has a unique perspective on what makes gamers grin, what defines the term "gamer" and what is essential to ensuring industry growth.
Nintendo President Satoru Iwata will draw from his development roots and talk not only about how video gaming has evolved, but also, more importantly, he will offer his views on where we go from here."

That's from http://www.gdconf.com/conference/keynotes.html.

I'm expecting a Skyward Sword trailer, with this keynote focusing on 25 years of GDC and it being Zelda's 25th anniversary, and with a brand new Zelda game due this year, it makes sense. He might touch on how Wii motion plus will reinvent the Zelda experience, or something like that. Plus, Twilight Princess, Phantom Hourglass and Spirit Tracks have all recieved exposure at previous GDC events.